Morningstar Rating™

Morningstar SRRI

Benchmarks

Fund Benchmark

MSCI EM Latin America NR USD

Morningstar® Benchmark

MSCI EM Latin America NR USD

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Investment Objective

The investment objective of the Fund is to deliver the performance of the Reference Index (being the MSCI EM Latin America Index Net USD), less the fees and expenses of the Fund. The Reference Index is a free float-adjusted market capitalisation-weighted index intended to reflect the performance of the equity markets of certain emerging market countries in Latin America (Brazil, Chile, Colombia, Mexico, and Peru) by targeting all companies with a market capitalization broadly within the top 85% of their investable equity universe, subject to a global minimum size requirement.

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Portfolio Profile30/11/2015

Morningstar Style Box®

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Equity Style

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Top Holdings

Name

Sector

%

IncreaseDecreaseNew since last portfolio

America Movil SAB de CV Class L

Communication Services

5.93

Ambev SA

Consumer Defensive

5.11

Itau Unibanco Holding SA

Financial Services

4.90

Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D)

Consumer Defensive

4.04

Wal - Mart de Mexico SAB de CV Class V

Consumer Defensive

3.17

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Asset Allocation %

Long

Short

Net

Stocks

94.71

0.00

94.71

Bonds

0.00

0.00

0.00

Cash

5.29

0.00

5.29

Other

0.00

0.00

0.00

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Top Stock Regions

Region

%

Latin America

99.00

United States

1.00

Japan

0.00

Australasia

0.00

Asia - Developed

0.00

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Top Stock Sectors

StockSector

%

Financial Services

24.98

Consumer Defensive

23.46

Basic Materials

13.91

Consumer Cyclical

8.08

Communication Services

7.77

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AJ Bell includes AJ Bell Holdings Limited and its wholly owned subsidiaries. AJ Bell Management Limited and AJ Bell Securities Limited are authorised and regulated by the Financial Conduct Authority. All companies are registered in England and Wales at Trafford House, Chester Road, Manchester M32 0RS. AJ Bell procures the provision of the Morningstar Licensed Tools on an “as is” basis and does not guarantee the performance of or accept liability for the Licensed Tools. To the maximum extent permitted by law, AJ Bell excludes liability for the Licensed Tools, including liability for any failure, interruption, delay or defect in the performance of any Licensed Tool, unless it arises as a direct result of the negligence of AJ Bell.